The digital cold wallet can securely store cryptos on phones.

Shenzen-based Infinite Tech Global will launch its Infinite Wallet for storing cryptocurrencies on March 8, the company said in a statement. (Yahoo! Finance)

The company claims the Infinite Wallet has an innovative operating model that the international blockchain and digital asset communities would appreciate.

Aside from the basic purpose of securely storing crypto wealth, the company is nestling the wallet inside a suitable “ecosystem.”

Infinite Wallet: Security, portability, and speed

As the Infinite Wallet is a “cold” wallet, it is inherently secure.

“The Cross-chain technology utilized by the wallet allows users to securely carry the world’s mainstream cryptocurrencies on Android and Apple devices, as well as carry out instantaneous token swaps, thereby greatly enhancing the wallet’s practicality,” the company said.

The wallet can process 200,000 / tps (transactions per second), a speed at which users can transact cryptos instantly in real-time.

Ecosystem advantage

Users of the Infinite Wallet may earn passive income from the “Earn As You Save” scheme offered by the company. There is a reward scheme for users who deposit cryptocurrencies such as Bitcoin, Etherium and others.

The wallet also doubles up as a payment platform. Through the wallet, users can access merchants and platforms globally and pay by scanning QR codes.

Crypto hacks

Last month Italian crypto exchange Altsbit announced hackers made off with 1,066 Komodo (KMD) tokens and 283,375 Verus (VRSC) “coins” with a combined value of $27,000. The exchange said the thieves could not access a small number of coins kept in cold wallets.

Josh Jones, entrepreneur and the founder of Dreamhost and also a security expert lost $45 million in a SIM-card hack. The allegedly stolen amount comprised $30 million in Bitcoin Cash (BCH) and $15 million in Bitcoin (BTC). Both cryptos were stored on the victim’s phone.

The above instances show the importance of keeping cryptos in a cold (offline) wallet such as the Infinite Wallet.

In January, GK8, a high-security custody solution for cryptocurrency players, offered a Bitcoin bounty of up to US$250,000 for hacking their new cold wallet.

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